Five essential elements (offer/acceptance, consideration, legal purpose, competent parties, genuine assent); void vs. voidable vs. valid vs. unenforceable; Statute of Frauds (in writing required); contract types (purchase agreement, option, right of first refusal, listing agreements: exclusive right to sell, exclusive agency, open, net); buyer representation agreement; earnest money and escrow (deposit within 3 business days; no commingling); breach remedies (damages, specific performance, rescission, liquidated damages); FREC's 4 escrow dispute options (mediation, arbitration, interpleader, disbursement).